PetroVietnam Looks into Electricity Sector
Vietnam’s state oil monopoly PetroVietnam June 15 launched subsidiary PetroVietnam Power Corporation (PVPower), marking the giant’s expansion into the electricity sector, local media reported.
PVPower with the chartered capital of VND7.6 trillion (US$475 million) will focus mainly on producing and trading energy, investing in independent power plant (IPP) projects and developing electricity-related infrastructure.
“By 2015, PVPower will meet 40 to 50 per cent of domestic power demand, helping to boost EVN’s competitiveness in the world market,” said Tran Ngoc Canh, PetroVietnam general director.
Canh also expected the new corporation to broaden PetroVietnam’s holdings in the real estate, investment and consultancy sectors.
Hoang Thanh Hai, an official of the Ministry of Industry, said PVPower will help ensure a steady power supply for the thirsty domestic market.
On the same day, PetroVietnam and State-owned Electricity of Vietnam Group signed a strategic cooperation agreement, jointly carrying out power plants of Nhon Trach 2, Lai Chau, O Mon 3, O Mon 4 and Quang Trach and electricity projects in Laos and Cambodia.
The giants will also invest in a five-star restaurant, commercial center and 80-story tower in My Dinh along with power and oil projects in Venezuela and Cuba, said EVN deputy general director Vu Quang Nam. (Local sources)
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